Is iPhone 5 facing a rival already?

If rumors are to be believed, then Korean mobile phone manufacturer Samsung is set to release a brand new top-end smartphone to compete with Apple’s iPhone 5.

The company may release a new Android-based phone in August or September which will have enhanced specifications compared to its Galaxy series of phones.

The specifications leaked said that the phone will have a 1GB RAM and a 1.4GHz dual core Samsung Exynos SoC (System-on-a-Chip), which will witness an upgrade from the previous 1.2GHz. The phone will be powered by Android 2.3.4 (Gingerbread), and will have the company made TouchWiz user interface. It will also support video calling via Google Talk.